Pay For Success Affordable Housing Energy Modernization Act of 2014

Pay For Success Affordable Housing Energy Modernization Act of 2014 - Directs the Secretary of Housing and Urban Development (HUD) to establish a demonstration program under which, between enactment of this Act and September 30, 2017, the Secretary may enter into budget-neutral, performance-based agreements (for up to 12 years each) that result in a reduction in energy or water costs with appropriate entities to carry out projects for energy or water conservation improvements at up to 20,000 residential units in multifamily buildings participating in:

• Section 8 project-based rental assistance programs under the United States Housing Act of 1937, other than Section 8 (voucher program) assistance;
• supportive housing for the elderly programs under the Housing Act of 1959; or
• supportive housing for persons with disabilities programs under the Cranston-Gonzalez National Affordable Housing Act.

Specifies requirements for payment under an agreement, which shall be contingent on documented utility savings, as well as for eligibility, geographical diversity, and funding for the program.

Requires the Secretary to submit to specified congressional committees a detailed plan for the implementation of this Act.